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4 Hour Strategy (MACD)

  • #22,021
  • Edited Mar 4, 2010 11:25am Mar 3, 2010 4:02pm | Edited Mar 4, 2010 11:25am
Has anybody shorted the TC on USDJPY today ? It seems to be a strong Res around 88.82, but could it be traded with a tight SL ? Just papertrading.

Thx for any comments.

Cheers,
Andy

Edit:
Sorry, I took the screenshot but forgot to attach. Candle 12:00 2010/03/03 GMT+1
Here it is
Attached Image (click to enlarge)
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  • #22,022
  • Mar 4, 2010 10:10am Mar 4, 2010 10:10am
Quoting andy1969
Has anybody shorted the TC on USDJPY today ? It seems to be a strong Res around 88.82, but could it be traded with a tight SL ? Just papertrading.

Thx for any comments.

Cheers,
Andy
Can you show on the chart about what candle are you talking about? I didn't take any trades today before the rates, as I thought that pairs might "sleep" before the news release.
  • #22,023
  • Mar 4, 2010 11:24am Mar 4, 2010 11:24am
Quoting ira
Can you show on the chart about what candle are you talking about? I didn't take any trades today before the rates, as I thought that pairs might "sleep" before the news release.
Sorry, I took the screenshot but forgot to attach.
Here it is
  • #22,024
  • Mar 4, 2010 1:02pm Mar 4, 2010 1:02pm
Quoting andy1969
Sorry, I took the screenshot but forgot to attach.
Here it is
No problem . I personally didn't take this one because of the tail on the previous candle. There was also a tail on the 3/03 0:00 candle. The first support to me was in the region of 88.57, not enough place to close partially, and go to breakeven.
But you are right that 88.82 was a good resistance, plus the trade was with the trend. So, nothing wrong with this trade. It is a question of personal preferences, I just didn't like the way price retraced to the 8 MA and the signal wasn't very convincing to me.
  • #22,025
  • Mar 4, 2010 3:12pm Mar 4, 2010 3:12pm
Quoting ira
No problem . I personally didn't take this one because of the tail on the previous candle. There was also a tail on the 3/03 0:00 candle. The first support to me was in the region of 88.57, not enough place to close partially, and go to breakeven.
But you are right that 88.82 was a good resistance, plus the trade was with the trend. So, nothing wrong with this trade. It is a question of personal preferences, I just didn't like the way price retraced to the 8 MA and the signal wasn't very convincing to me.
Many thanks Ira, very clear !
  • #22,026
  • Mar 4, 2010 7:18pm Mar 4, 2010 7:18pm
Hey everyone...been another one of those weeks with very little chart time. I have a funeral and a wedding on the agenda, no none of them directly involve me, but too much to deal with either way....


Need a cigar and a single malt right about now.
  • #22,027
  • Mar 5, 2010 12:57am Mar 5, 2010 12:57am
Quoting Palmer
Hey everyone...been another one of those weeks with very little chart time. I have a funeral and a wedding on the agenda, no none of them directly involve me, but too much to deal with either way....


Need a cigar and a single malt right about now.
Wow, a lot of events for one week! Hope you had a nice cigar, but don't forget it is dangerous for your health .
  • #22,028
  • Mar 5, 2010 1:05am Mar 5, 2010 1:05am
Quoting Palmer
I have a funeral and a wedding on the agenda, no none of them directly involve me
I am glad that the funeral didn't directly involve you and that you are still here.
  • #22,029
  • Edited 5:50am Mar 5, 2010 3:11am | Edited 5:50am
Quoting xeneric
I am glad that the funeral didn't directly involve you and that you are still here.
glad for the wedding too....
  • #22,030
  • Mar 5, 2010 1:51pm Mar 5, 2010 1:51pm
Trade that I'm going to hold over the week-end. On the 4 hr price seemed to find a bottom, then the strong bullish candle closing above the 21 MA. Will look for price to go up the previous high or the 61% retracement on the chart.
Attached Image (click to enlarge)
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  • #22,031
  • Mar 8, 2010 3:00am Mar 8, 2010 3:00am
Quoting Forex37
Andrew, thanks and grats! Would you mind to mention the other 2?

Thanks

Forex37
Hi Forex 37,

SO sorry for the late reply. We use Phillip Nel's 5 min system and a GBPUSD break out system. This 4hr system is by far one of the best we have ever used.

Regards,

Andrew
  • #22,032
  • Mar 8, 2010 3:06am Mar 8, 2010 3:06am
Quoting Palmer
Need a cigar and a single malt right about now.
Hey Palmer, ur talking my language..................might join you, need one too........ hahah
  • #22,033
  • Edited 11:28am Mar 8, 2010 9:52am | Edited 11:28am
Quoting andrewnair
Hi Forex 37,

SO sorry for the late reply. We use Phillip Nel's 5 min system and a GBPUSD break out system. This 4hr system is by far one of the best we have ever used.

Regards,

Andrew
andrewnair, thanks for the reply, I had guessed the 5 min should have been one of those.
Thanks again

Forex37
  • #22,034
  • Mar 8, 2010 4:39pm Mar 8, 2010 4:39pm
Here is the trade I took with the entry and exits of the trade (horizontal lines). Good for 70+ pips. I thought it would reach the previous top, but it did not. My exit was not base on this thread, so I can not really go into it b/c of that reason. The entry was a simple higher low. Note the candle before my entry were trying to go lower but were unable to and then my entry candle closed above the 21 MA.
Attached Image (click to enlarge)
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  • #22,035
  • Mar 8, 2010 6:40pm Mar 8, 2010 6:40pm
Quoting Morelands
Here is the trade I took with the entry and exits of the trade (horizontal lines). Good for 70+ pips. I thought it would reach the previous top, but it did not. My exit was not base on this thread, so I can not really go into it b/c of that reason. The entry was a simple higher low. Note the candle before my entry were trying to go lower but were unable to and then my entry candle closed above the 21 MA.

Well done Raymond... I actually took the same trade as yours as well... It's just that I exited too early... Got +30 pips only. Those HL setup was really nice...
  • #22,036
  • Mar 8, 2010 8:22pm Mar 8, 2010 8:22pm
Quoting hammerhead
Well done Raymond... I actually took the same trade as yours as well... It's just that I exited too early... Got +30 pips only. Those HL setup was really nice...
Positive pips are still good. We all have left trades with a little meat left on the bone, so to speak. If you saw the trade, that is a very positive thing! Great way to start the week
Raymond
  • #22,037
  • Mar 8, 2010 10:10pm Mar 8, 2010 10:10pm
Quoting andy1969
glad for the wedding too....
  • #22,038
  • Edited 10:51pm Mar 8, 2010 10:12pm | Edited 10:51pm
Quoting Morelands
Here is the trade I took with the entry and exits of the trade (horizontal lines). Good for 70+ pips. I thought it would reach the previous top, but it did not. My exit was not base on this thread, so I can not really go into it b/c of that reason. The entry was a simple higher low. Note the candle before my entry were trying to go lower but were unable to and then my entry candle closed above the 21 MA.
Thanks for sharing your trade with us, Raymond. Good explanation as well.
  • #22,039
  • Mar 9, 2010 8:46pm Mar 9, 2010 8:46pm
Here is a trade that I entered at 1.4968. It is a TC on the 4hr. May post more explaination later, but I've got to go.
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  • #22,040
  • Mar 10, 2010 1:01am Mar 10, 2010 1:01am
Anybody taking this TC away from 89ma. Philip has told us that TC away from 89 and 200 is always a strong move so let see how this play out.
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
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